U.S. stocks opened lower on Monday ahead of an expected announcement from the congressional super committee that it had failed to reach a deficit-reduction agreement. Surging bond yields in Greece, Italy, and Spain are adding to the pain. The Dow Jones Industrial Average fell 147 points to 11,649. The S&P 500 Index fell 15 points to 1,200. The Nasdaq Composite Index declined 33 points to 2,538. The averages quickly moved lower led by financials. Morgan Stanley is down 4% on an upgrade. Imagine if it was downgraded. Not much good news out there. Besides the financials, most other sectors are getting hit. Commodities don't look good. Potash is lower on a downgrade. Kodiak Oil & Gas is one of the few commodities higher on an upgrade. The techs are all getting hit. HP is down 4% ahead of earnings. Brocade is down 3% ahead of earnings. Research in Motion is down 4% to a new 52 week low on a downgrade. Salesforce.com is only down a percent on an upgrade. Seagate is modestly higher on a $525 million award thanks to a legal dispute with Western Digital. Through the morning the averages pushed lower with the Dow dropping 300 points. The Nasdaq declined 70 points. Crazy, crazy, morning. A limited number of stocks are trading higher. Hibbett Sports is up 2% on an upgrade. Dicks Sporting Goods is unchanged after announcing a 50 cent first time dividend last week. In the afternoon the averages moved sideways near the lows of the day. Typically the week of Thanksgiving is a quiet one. Not this week. In the last hour the averages rebounded a little so at least we won't close on the lows. The Dow Jones Industrial Average finished down 248 points, or 2.1%, at 11,547. All Dow components were lower, led by a 5% drop in Bank of America. The S&P 500 lost 22 points, or 1.9%, to 1,192, led by a retreat in financial stocks. All 10 S&P 500 subsectors were lower. The Nasdaq Composite fell 49 points, or 1.9%, to 2,523. U.S. stocks are broadly lower for the year.
All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.
Leigh Baldwin & Co., LLC, and its Representatives are registered to conduct business in the following States: AL, AZ, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, ME, MD, MI, MN, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY. Requests for new accounts and/or to execute trades from individuals residing outside of these States will not be honored. Furthermore, individuals residing outside of these States should exit this Website immediately.
Stock quotes, commentary, and opinions presented in this site are for informational purposes only and should not be considered as a solicitation to buy or sell any security. Leigh Baldwin & Co., LLC does not guarantee the accuracy or completeness of the information or make any warranties regarding results from its usage.